UK Home Prices Register an Increase in the Month of May 2012
A report revealed by the Halifax house price index revealed that prices of homes in the UK have gone up by 0.5% in the month of May 2012 to an average of 160,941. The report also clarified that this price was lower by 0.1% on an annual basis. This rise in the house price index was registered after a drop of 2.4% in the month of April.
The figure recorded in the last three months (0.8 per cent increase in prices) is an indicator of the fact that the market is improving. This is the second successive quarter in which an increase in price has been registered by the UK property market since the month of August 2011.
According to economists in the UK, there has been a slight improvement in home prices of late. They also indicated that the existing average UK price was similar to the levels registered in 2011 right at the beginning.
Economists and property experts in the UK further pointed out that the existing price trend will continue till the end of 2012 in the wake of economic pressures.
Prior to this, Halifax's index had revealed a 2.2 per cent rise in the prices of home in the month of March 2012 even as the time limit for the stamp duty exemption on properties valued at 250,000 bought by first time house buyers came to an end.
Halifax's index has been volatile in the recent few months, which is precisely why economists and property experts in the UK feel that the 0.5 per cent month on month rise registered in the month of May will not bring about major changes in housing prices, and they will continue to trend lower in the months to come. In fact, many of them are of the opinion that the prices of houses will fall by as much as 3 per cent by the end of 2012. They further stated that the reason why home prices could drop further is because of the EU's economic scenario, especially problems centred around Spain and Greece, could affect UK's housing market.
Halifax's April month's figure had indicated a drop of 2.4 per cent in the month of April, which left the average home price at 159,883. Halifax had further revealed that this drop meant that on an average UK homes had lost as much as 10,000 pounds in value since April 2010.
Nationwide had also indicated that the price of homes on an average has dropped by 0.9 per cent over the past 12 months, after registering a 0.2 per cent drop in the month of April. Nationwide also clarified that housing stock would continue to remain stagnant and further fall in value in 2012 since homeowners were very confident of an economic recovery.
Economists in the UK further shared that even though there has been a small improvement in prices in May, UK home prices lack any clear or real direction.
Therefore, if you are a seller and are planning to sell your house fast, then this is the right time to attract a property buyer so you can benefit from a fast house sale. In fact, sellers can tread cautiously and consult a reputed property buying company to enjoy a fast house sale and get the right price for their property swiftly.
The figure recorded in the last three months (0.8 per cent increase in prices) is an indicator of the fact that the market is improving. This is the second successive quarter in which an increase in price has been registered by the UK property market since the month of August 2011.
According to economists in the UK, there has been a slight improvement in home prices of late. They also indicated that the existing average UK price was similar to the levels registered in 2011 right at the beginning.
Economists and property experts in the UK further pointed out that the existing price trend will continue till the end of 2012 in the wake of economic pressures.
Prior to this, Halifax's index had revealed a 2.2 per cent rise in the prices of home in the month of March 2012 even as the time limit for the stamp duty exemption on properties valued at 250,000 bought by first time house buyers came to an end.
Halifax's index has been volatile in the recent few months, which is precisely why economists and property experts in the UK feel that the 0.5 per cent month on month rise registered in the month of May will not bring about major changes in housing prices, and they will continue to trend lower in the months to come. In fact, many of them are of the opinion that the prices of houses will fall by as much as 3 per cent by the end of 2012. They further stated that the reason why home prices could drop further is because of the EU's economic scenario, especially problems centred around Spain and Greece, could affect UK's housing market.
Halifax's April month's figure had indicated a drop of 2.4 per cent in the month of April, which left the average home price at 159,883. Halifax had further revealed that this drop meant that on an average UK homes had lost as much as 10,000 pounds in value since April 2010.
Nationwide had also indicated that the price of homes on an average has dropped by 0.9 per cent over the past 12 months, after registering a 0.2 per cent drop in the month of April. Nationwide also clarified that housing stock would continue to remain stagnant and further fall in value in 2012 since homeowners were very confident of an economic recovery.
Economists in the UK further shared that even though there has been a small improvement in prices in May, UK home prices lack any clear or real direction.
Therefore, if you are a seller and are planning to sell your house fast, then this is the right time to attract a property buyer so you can benefit from a fast house sale. In fact, sellers can tread cautiously and consult a reputed property buying company to enjoy a fast house sale and get the right price for their property swiftly.
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